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Tuesday, June 15, 2021
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Oil And Gas Market News

28 Jan 2021

Abu Dhabi Ports, Allianz Marine form Offshore Logistics JV

An Allianz Marine Offshore Vessel - Credit: Murali Krishna/MarineTraffic.com

Abu Dhabi Ports’ maritime arm SAFEEN has signed an agreement with offshore vessel owner Allianz Marine & Logistics Services (AMLS), to launch a new international provider of integrated maritime logistic services."Operating under the title of Offshore Support and Logistics Services Company (OFCO – Offshore International), headquartered in Abu Dhabi, the new joint venture will be one of the largest, most capable, and cost-efficient providers of onshore and offshore integrated logistics solutions and subsea services in the GCC [Gulf Cooperation Counci] Gulf Cooperation Council region and beyond…

11 Feb 2021

VIDEO: Floating Offshore Wind: Opportunities & Challenges

Illlustration - A semi-submersible type floating offshore wind turbine foundation called the WindFloat. Credit: Untrakdrover/Wikimedia Commons - CC BY-SA 3.0

The floating offshore wind industry, still considered nascent with around 100MW installed capacity - and minuscule compared to the installed capacity of its „older brother,“ - that is the conventional, fixed bottom offshore wind industry (29GW at 2019 end) - is showing promise and is expected to take off big time by the end of the decade.While the current installed capacity is small and focused on pilot projects, the potential is there for the floating wind farms to reach and…

21 Oct 2020

ABS Grants Approval in Principle for DSME Floater

Credit: ABS

Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) for the design of what it described as "a wide breadth, single row, near-shore LNG Floating Production Storage Offloading Vessel (FPSO) hull with a jetty-moored system." The hull design has been developed by South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME).The 64m wide barge-shaped hull features a GTT NO96 single row containment system with a storage capacity of 209,000 m3.

02 Jul 2020

MAN Compressors for Yinson's Brazil-bound FPSO

MAN compression system / Credit: Man

MAN Energy Solutions will deliver six compressor trains for Yinson's FPSO being built for deployment in Brazil.For the FPSO named Anna Nery, MAN Energy Solutions will deliver four RB-type centrifugal-compressor trains for gas production and export, as well as two screw-compressor trains, which will be put into operation as vapor-recovery units.The FPSO will be located at Petrobras' Marlim and Voador field of the Campos basin, about 150 kilometers off the coast of Rio de Janeiro…

28 May 2020

Subsea 7 to Cut 3000 Jobs, Reduce Vessel Fleet

Image Credit: Subsea 7

Offshore installation and construction specialist Subsea 7 will cut 3000 jobs by 2021, and reduce its active vessel fleet, it said in a statement on Thursday.Subsea 7 a month ago said that with the deterioration in the outlook for new oil and gas awards, it would "resize" the business to save $400 million in annual cash costs by the second quarter of 2021.It on Thursday said: "It is envisaged that the overall reduction in headcount would be approximately 3,000 from the global workforce of 12,000, by the end of the second quarter 2021.

14 Jan 2020

Trelleborg Acquires Signum Technology

Photo: Trelleborg

Trelleborg has acquired Signum Technology Ltd. The acquisition of Signum and its subsidiary companies Gall Thomson, KLAW LNG, KLAW Products, and Vee Bee Filtration., provides safety-critical solutions for flow control applications, including Marine Breakaway Couplings (MBCs) and safety solutions for LNG transfer systems.The move is part of Trelleborg’s strategy to strengthen its position as a system provider in oil and gas market segments, such as ship-to-ship and ship-to-shore LNG transfer.Signum Technology is headquartered in Wiltshire…

20 Nov 2019

Putting Palatka Back on the Map

SJSB President and Owner, Steven Ganoe

Diverse and conveniently located, St. Johns Ship Building has quickly developed into a reliable partner for its many repeat customers. Today, and as a direct result, a lot more people know exactly where Palatka, Florida is located.On the St Johns River, just 60 miles south of Jacksonville, lies the sleepy town of Palatka, Florida. Founded as a trading post in 1821, its location on the highly navigable river made the area attractive to orange growers and timber men alike.In its heyday between 1875 and 1900…

31 Jul 2019

Swiber Forms JV with Hilong Marine

Singapore offshore company Swiber Holdings' wholly-owned subsidiary, Swiber Offshore Construction (SOC) has entered into a shareholder's agreement with Hilong Marine Engineering (HME) to establish a joint venture company in Singapore.The shareholders (51% Hilong and 49% Swiber) have named the new company – Ocentra Offshore. New joint venture to target offshore construction and installation sector.According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation, subsea tie-in and underwater maintenance, as well as barge and vessel management and chartering.The JV Company will be held by Hilong Marine Engineering and SOC as to 51% and 49%…

25 Jul 2019

Kirby Announces 2019 Q2 Financials

File Image of a Kirby inland asset underway and working. CREDIT Kirby

Kirby Corporation (“Kirby”) (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2019 of $47.3 million, or $0.79 per share, compared with earnings of $28.6 million, or $0.48 per share, for the 2018 second quarter. Excluding a one-time charge related to the retirement of Kirby’s Executive Chairman, 2018 second quarter net earnings attributable to Kirby were $46.8 million, or $0.78 per share. Consolidated revenues for the 2019 second quarter were $771.0 million compared with $802.7 million reported for the 2018 second quarter.David Grzebinski…

08 May 2019

800bln Undiscovered Barrels of Oil and Gas Exist Globally

Total greenfield project sanctioning, summed up to the present day, only accounts for 40% of estimated volumes of offshore projects ever being sanctioned, said Rystad Energy, the  energy research and consultancy headquartered in Norway."Likewise, the brownfield market has only begun, with total historical expenditures accounting for only about 20% of estimated brownfield spend over the projects lifetime, leaving 80% of brownfield spending to the future. And the decommissioning market is still in its nascent form,” says Audun Martinsen, head of oilfield services research at Rystad Energy.It estimates that around 800 billion undiscovered barrels of oil and gas equivalents exist globally…

02 May 2019

Kirby Posts 2019 Q1 Results

David Grzebinski, Kirby’s President and Chief Executive Officer

Kirby Corporation announced net earnings attributable to Kirby for the first quarter ended March 31, 2019 of $44.3 million, or $0.74 per share, compared with earnings of $32.5 million, or $0.54 per share, for the 2018 first quarter. Excluding certain one-time charges, 2018 first quarter net earnings attributable to Kirby were $37.9 million, or $0.63 per share. Consolidated revenues for the 2019 first quarter were $744.6 million compared with $741.7 million reported for the 2018 first quarter.David Grzebinski…

29 Mar 2019

Maersk Aborts Sale of Maersk Supply Service

The world's largest container shipping company A.P. Møller – Mærsk A/S announced that its Board of Directors has decided to retain full ownership of Maersk Supply Service.The offshore support vessel industry, which Maersk Supply Service operates within, has over the last three years exhibited clear signs of distress, reducing company market capitalisations and lower asset values, negatively impacting the ability to find a sustainable ownership structure for Maersk Supply Service outside of A.P. Moller - Maersk.The industry continues to be characterised by oversupply, financial restructurings and consolidation and the market outlook for…

27 Feb 2019

DEME DP2 Jack-up Vessel Named ‘Apollo’

The Belgian dredging and hydraulic engineering group DEME NV said that its newest, self-propelled DP2 jack-up vessel ‘Apollo’ was officially named in the port of Zeebrugge, Belgium on February 21.The ceremony was performed by Olympic, World and European Champion heptathlon Nafi Thiam, according to a press release.One of the exceptional features of the ‘Apollo’ are its extremely long lattice legs of 106.8 m, which allow the vessel to jack-up in water depths up to 65 m. The vessel is equipped with an 800-tonne, leg-encircling crane and has an unobstructed, spacious 2000 m² deck with a load carrying capacity of 15 t/m².“We are truly honored to have heptathlon champion Nafi Thiam as the godmother of our newest vessel…

08 Feb 2019

U.S. Coast Guard Looks beyond Mooring Lines

Strength, Safety and Sustainability are at the heart of this Homeland Security stakeholder’s mission set.For over 30 years, high performance fiber rope manufacturer Phillystran has worked with the U.S. Coast Guard to supply mooring and towing lines. As innovations in fiber rope technology have enabled lighter and stronger ropes, the Coast Guard has not been slow to take advantage of these and other developments.In step with most maritime stakeholders, NAVSEA approved fiber ropes are widely used by the U.S. Coast Guard.

31 Jan 2019

Kirby Announces 2018 Q4/FY18 Results, Deal to Buy Cenac's Marine Fleet

Kirby Corporation announced a net loss attributable to Kirby for the fourth quarter ended December 31, 2018 of ($24.4) million, or ($0.41) per share, compared with earnings of $231.3 million, or $3.87 per share, for the 2017 fourth quarter. Excluding certain one-time charges, 2018 fourth quarter net earnings attributable to Kirby were $44.9 million, or $0.75 per share. Consolidated revenues for the 2018 fourth quarter were $721.5 million compared with $708.1 million reported for the 2017 fourth quarter.For the 2018 full year…

26 Oct 2018

Fugro Q3 Revenue Jumps

(Photo: Fugro)

Dutch deep-sea prospector Fugro has reported a 29.1 percent rise in third-quarter revenue on a comparable basis, driven by the expansion of offshore wind developments and a recovery in the global oil and gas market.Rising oil prices have helped Fugro by making it more economic to prospect for the hard-to-reach subsea deposits in which it specializes."In our early cyclical marine site characterisation activities we are experiencing sharp growth and improving prices, resulting in strongly improved profitability…

01 Aug 2018

Fugro H1 Profit Boosts Shares

(File photo courtesy Fugro)

Dutch deep-sea prospector Fugro on Wednesday surprised the market with a first-half profit, driven by strong growth in offshore wind projects, sending its shares sharply higher.The company, hit by a downturn in the oil sector in recent years, reported first-half earnings before interest and tax (EBIT), excluding exceptional items, of 4.0 million euros ($4.7 million) compared with a year-earlier loss of 25.3 million euros.Analysts in a poll conducted for the company had on average expected an EBIT loss ex-items of 1.9 million euros.Fugro shares traded in Amsterdam were up nearly 7 percent at 13

16 Jul 2018

Wärtsilä to Assist Transocean with Thruster Maintenance

Wärtsilä and Transocean will optimize the maintenance of all Wärtsilä thrusters installed within the Transocean fleet, while seeking to reduce dry-docking costs by extending the service intervals of the thrusters. The agreement aims to deliver fewer interruptions to operations, which will result in benefits for both parties.The performance-based agreement builds on the Wärtsilä Propulsion Condition Monitoring Service (PCMS), that collects performance data from the thrusters and delivers it to a Wärtsilä Expertise Centre for analysis. Service experts analyses the data and determine a flexible maintenance schedule for each piece of equipment based on the actual condition of the equipment.The agreement covers five semi-submersible rigs and one drillship…

20 Jun 2018

HEECO Eyes New Markets for Expansion

Photo: HEECO expansion and development

The Humber Electrical Engineering Company (HEECO) in the United Kingdom has consolidated its marine presence and developed into new oil and gas markets.The Hull-based electrical manufacturing business is known for the design and build of switchboards, motor control centers (MCCs) and control panels for the marine and energy sectors as well as the programming of Programmable Logic Controllers (PLCs) and the provision of electrical design solutions.Celebrating its 110th anniversary this year…

22 Mar 2018

Maritime Simulation: High-tech Meets Practical Skills

Maritime Professional Training (MPT) has just finished a $6m renovation and expansion project with new technology, upgrades in simulation, a new waterside lifeboat training facility, and a recently expanded Main Campus. (Photo: MPT)

When talk turns to ‘Maritime Simulation’ visions of high-tech bridge simulators with seamless graphics and interwoven component simulators – engine room, DP systems, cargo loading – come to mind. But modern simulation is so much more, a wholistic visual, audio, tactile and cereberal experience that prepares mariners to deal with a bevy of real-world situations. Modern maritime simulation has evolved rapidly, driven by exponential leaps in computer and graphic display power, a…

13 Feb 2018

Kvaerner Invests in New Quay at Stord

(Image: Kvaerner)

Kvaerner said it plans to invest NOK 370 million ($46.8 million) in a new quay at the company's facility at Stord. "The objective for this upgrade will be to make the facility more flexible. We invest now to strengthen our competitiveness, and this extension will position Kvaerner for deliveries of new solutions to both oil and gas projects and other market segments," said Kvaerner president & CEO, Jan Arve Haugan. The investment is subject to approval by Kvaerner's Board of Directors within a short period of time.

11 Feb 2018

Salalah Port Expanding Services for 2018

The Port of Salalah completed its first ship to ship transfer operation (STST) at Salalah anchorage recently as part of the port’s expanding service offering in 2018. . The new service was performed by Fendercare Marine which transferred vegetable oil between the vessels NCC Nasma to Ariana while both were in the harbor anchorage. Port of Salalah CEO Andrew Dawes said “Our vision is to make our customer’s supply chains work better, more efficiently and safer. Our new offering of ship to ship transfer of bulk liquids is designed to serve the regional market and Africa’s economic demand. Tom Fitchew, Business Development Manager of Fendercare stated “We identified opening a new STST base at Salalah as a priority to support our ever expanding network.

25 Jan 2018

Sentinel Awarded Contract for Patrol Vessel Charter

Lundy Sentinel (Photo: Sentinel)

Aberdeen-based Sentinel Marine has been awarded a contract to provide a patrol vessel to be chartered by the European Fisheries Control Agency (EFCA) in international and EU waters. Lundy Sentinel is one of the firm’s growing fleet of new built multi-role emergency response and rescue vessels (ERRVs). The contract to charter the Lundy Sentinel is for an initial period of two years, with an option to extend for a further two years. The framework contract provides for a maximum amount of 20m Euros in four years. It was awarded following tender.